China’s primary aluminium inventories build up by 21000 tonnes W-o-W to total 1.12 million tonnes
According to the Shanghai Metals Market, social inventories of primary aluminium have continued to grow week-on-week to total 1.12 million tonnes. This week, as of March 3, the inventories have grown by 21,000 tonnes from 1.1 million tonnes on last Thursday across eight major consumption areas, including SHFE warrants.
In the spot market, smelters and traders had a strong willingness to ship goods, but high aluminium prices and the slow recovery of consumption suppressed downstream purchases. But next week, the inventories are expected to grow very slightly, with eyes on arrivals and consumption recovery.
The chart below indicates the current status of primary aluminium inventories across China in more details:
In Wuxi, primary aluminium inventories have surged by 23,000 tonnes from the previous week to stand at 418,000 tonnes, while inventories in Nanhai have built up by 12,000 tonnes W-o-W to come in at 261,000 tonnes.
However, on the other hand, primary aluminium inventories in Gongyi and Hangzhou have shrunk by 6,000 tonnes and 5,000 tonnes, respectively, to come in at 183,000 tonnes and 83,000 tonnes as of March 3. In Shanghai, inventories have slipped by only 1,000 tonnes, while inventories in Tianjin and Linyi have remained restrained at 78,000 tonnes and 23,000 tonnes, respectively.
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